Apse Capital Announces €350 Million Continuation Fund Closing to Acquire Three Portfolio Companies

Apse Capital Limited, a London-based private equity firm, has successfully closed a €350 million continuation fund for the acquisition of three existing assets from Apse Capital Bridge Fund. J.P. Morgan Asset Management led the transaction and garnered interest from a diverse group of secondary and primary investors, with significant backing from existing Apse limited partners.

The newly established fund is aimed at acquiring TerraQuest, Kallidus, and Ultima Business Solutions from Apse Capital Bridge Fund to support their organic growth and provide capital for strategic M&A activities. In addition, the General Partner of Apse Capital Bridge Fund reinvested its carried interest proceeds from the deal, demonstrating confidence in the portfolio. Notably, a portion of the new commitments will be utilized as follow-on capital to support continued growth. The three companies included in the continuation fund are TerraQuest, a leading provider of software solutions for the UK land and property sector; Kallidus, a SaaS-based HCM platform serving over 1,200 customers across the UK, the US, and Canada; and Ultima Business Solutions, a prominent UK provider of infrastructure and IT solutions.

Apse Capital, founded in 2019, focuses on supporting tech-enabled B2B information and services businesses in high-growth sectors across Europe. J.P. Morgan Asset Management, a global leader in alternatives, has over 60 years of experience managing alternative investments, with more than $400 billion in alternative assets overseen as of September 30, 2024. Piper Sandler Companies, a leading investment bank, aims to help clients 'Realize the Power of Partnership®.'